For most home buyers, the purchase of real estate is one of the largest financial transactions they will make. Buyers purchase a home not only for the desire to own a home of their own, but also because of changes in jobs, family situations, and the need for living area and work space.

So much has changed since the pandemic hit, and yet according to the National Association of Realtors® 2020 Profiles of Buyers and Sellers, most recent buyers who purchased new homes were still looking to avoid renovations and problems with plumbing or electricity at 44%. Buyers who purchased　previously-owned homes were most often considering a better overall value at 35%.

According to Bonnie Nault, Eastern CT Association of Realtors® President, home prices increased 13% this past year to a median of $259,900 among all buyers in Eastern CT. Buyers typically purchased their homes for 98% of the asking price.

"As you think about your housing needs, it's important to consider how long you may live in your home", said Nault. "If you are newly married, you might not be concerned with a school district right now. But you could be in several years." Will you move then—or is the house you are looking for now in a neighborhood where good schools are available? If you have aging parents, might they need to live with you in the near future? If so, you may want to look at homes that offer living arrangements for them as well as you." 12% of recent homebuyers purchased a multi-generational home in 2020, to take care of aging parents, because of children over the age of 18 moving back home, and for cost-saving.

Here's a few other fun facts about the types of homes people are buying these days. Detached single-family homes continued to be the most common home type for recent buyers at 81 percent, followed by townhomes or row houses at seven percent. Senior-related housing held steady this year at 12 percent, with 17 percent of buyers typically purchasing condos and nine percent purchasing a townhouse or row house. The median distance between the home that recent buyers purchased and the home they moved from was only 15 miles.

The typical home that was recently purchased was 1,900 square feet, had three bedrooms and two bathrooms, and was built in 1993. Heating and cooling costs were the most important environmental features for recent home buyers, with 83 percent finding these features at least somewhat important. Overall, buyers expected to live in their homes for a median of 15 years, while 21 percent said that they were never moving.

In any case, you're going to want to have these conversations before you go out looking, as you'll need to be prepared in knowing what you want and make an offer.

Contact the Eastern CT Association or visit easternctrealtors.com to speak with a Realtor® for information and advice about buying or selling a home in 2021.